Taking $50k From A Taxable Brokerage Account To Buy A Car & Learning To Enjoy Money Now

Episode Number: 317

Episode 317: Taking $50k From A Taxable Brokerage Account To Buy A Car & Learning To Enjoy Money Now with Andy Hill

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Taking $50k From A Taxable Brokerage Account To Buy A Car & Learning To Enjoy Money Now

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Andy Hill, host of the podcast, Marriage Kids And Money, joins the Journey to Launch podcast to discuss his most recent financial decision: taking $50,000 out of his taxable brokerage account to purchase a new car. 

We dive into the importance of making financial decisions based on personal values and life goals instead of following what everyone else is doing. Andy also shares his practical tips on car buying and the power of F-U money. 

In this episode, you’ll learn more about:

  • Why Andy decided to liquidate a taxable brokerage account for a depreciating asset (i.e. his new car)
  • Reasons why you should enjoy your money now and use it to elevate your life experiences
  • The power of f-u money, operating from abundance instead of fear, and always learning new things
  • Reducing financial anxiety, how long a financial freedom journey can take, + more

Watch the video to this episode above or on YouTube by clicking here!

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Other Links Mentioned in episode:

  • Listen to Andy on Episode 32: A Conversation About Marriage, Kids & Money
  • Check out Andy’s Make My Kid a Millionaire course here.
  • Check out my new personal website here.
  • Join The Weekly Newsletter List
  • Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!
  • YNAB –  Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 34 days trial of YNAB, my go-to budgeting app by using my referral link.
  • What stage of the financial journey are you on? Are you working on financial stability or work flexibility? Find out with this free assessment and get a curated list of the 10 next best episodes for you to listen to depending on your stage. Check it out here!

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Andy Hill 0:02

It feels much better to hand that seven $8,000 over to the contractor with that confidence knowing that you've done all these financial steps beforehand, instead of saying, Okay, I'm going to be worrying about payments for the next 1224 months in order to pay off this basement that I've done, I'm working on.

Intro 0:19

T-minus 10 seconds. Welcome to the journey to launch podcast with your host jameelah. So frogs as a money expert who rocks her talk, she helps brave juniors like you get out of debt, save, invest and build real Whoa. Join her on the journey to launch to financial freedom for three.

If you want the episode show notes for this episode, go to journey to launch.com or click the description of wherever you're listening to this episode. In the show notes, you'll get the transcribed version of the conversation, the links that we mentioned and so much more. Also, whether you are an OG journeyer, or brand new to the podcast, I've created a free jumpstart guide to help you on your financial freedom journey. It includes the top episodes to listen to stages to go through to reach financial freedom, resources and so much more. You can go to journey to launch.com/jumpstart to get your guide right now. Okay, let's hop into the episode.

Jamila Souffrant 1:28

Hey, hey, hey journeyers. Alright, so we have today on the podcast, Andy Hill. Andy Hill is the host of the marriage kids and money podcast, which was nominated as Best New personal finance podcast back in 2017. And he's still going with amazing content each week. He does interview millionaire entrepreneurs, financial industry executives, personal finance experts and more to talk about our favorite topic money. He's a debt free dad and personal finance teacher. He's always striving to teach about personal finance in a relatable way. He paid off his mortgage and is a full time entrepreneur. By the way, Andy was on episode 32 of the podcast. So it's crazy, because we have over 300 episodes, I believe at this point, and Andy was way back, Episode 32. If you want to hear more of his origin story about him paying off or working to pay off his mortgage, I'm not sure if that time he had paid it off yet, Andy?

Andy Hill 2:21

I'm not sure. Yeah. 2017. Maybe it was in the midst of a talk about a journey. Right? Yeah.

Jamila Souffrant 2:27

So if you want to hear more of his backstory, you can listen to that episode. I'm sure we'll touch upon some things. But here's why I really wanted Andy on the show again. So I Andy, I follow you, we follow each other. And you posted that you bought a new car or a car that's new to you. And you posted that you drained your taxable account to pay for the car. Yeah. And I was like, Oh, what is the tea? I want to hear all about this. Because here is someone who is putting their money where their mouth is when it comes to making lifestyle in the now choices as it relates to their financial independence path. And I wanted to learn more about your decision to do that. Because I feel like God is listening me even because I'm actually looking for a car. We will be soon just thinking about how do we think about making these big purchases? How did you decide to do that? And then there's a whole bunch other things I want to touch upon too. But I was like, I gotta get Andy on the podcast so we could talk more about this. So welcome back.

Andy Hill 3:28

Thank you for having me. I'm excited to talk about this. Yeah, I think that after doing some crazy financial things for a while, some of these bigger decisions, like buying a new car can be a little easier. So yeah, I'm happy to talk about it today.

Jamila Souffrant 3:41

Well, it's funny that you say it's easier because and I want to know why for you it's easier because I could see how for some people, it can feel harder if you have to switch what your goals were. So I'm assuming you know, you paid off your mortgage I think it was in four years or like a short timeframe. And you were very financial goal minded it seemed Yeah. And then so now to kind of switch and like take money out of your account to then you know, put it on a depreciating asset. You when you say it's easy what made it easy because in my head it's kind of hard for me even now like I'm like, I want to just like drive my car and until it can't drive anymore. I don't know. So what do you think?

Andy Hill 4:21

I hear ya - yeah, yeah. I guess I would say that it's it's become easier over time because I think it's part of my nature is I am a saver I take pride in saving and building up my net worth or eliminating my debt or hitting goals like mortgage freedom or Coast fire. Those are cool, tangible, number focused goals that I've really put my, I don't know, I use my self worth around a little bit where it's like, Hey, I feel great and accomplished because of it. I have no problems with the things that I've done. But I also want to live and maybe share that once you hit these big goals. And you have new money coming in, and you've hit all those goals, it's time to enjoy the money, it's time to enjoy it and buy the things that you want, whether those are individual products or services or experiences with your family, like the stress and the guilt should wash away, because you've checked all those financial boxes. And now I'm going into that part of my life where it's like, Okay, we have no debt, we have no mortgage, we've hit Coast fire. So we're, our retirement is pretty much taken care of with time and compound interest. So any new money that's coming in, should be enjoy our life a little bit more. And that's kind of the season we're in right now.

Jamila Souffrant 5:39

I love it. I love it. It exactly speaks to the heart of the financial independence journey, or just the conscious journey that I think everyone should be on when it comes to money. Because you've done all or most of the things I want to say, right, right, like we all make mistakes, but you've done those things you've checked off, like you said, and when it comes to that, like there is room to enjoy, and not only enjoy at the end, but while you're doing it while you're still pursuing your goals. So let's go back now to the decision that you made to drain your taxable accounts we'll talk about and by the way, Andy just mentioned coast to fire and some acronyms, we will get into that, because I think they're very important to this conversation and as metrics that we all can measure where we are. But I want to go back. Tell me about now, when you started to think about buying a car. What were your options? Because that's someone who's looking now, you know, the options are? Well, you can take out a loan if you find a good interest rate. So that way, you're not putting down a lump sum on this asset. So what were your options as you were looking? And then how did you proceed with the option you chose?

Andy Hill 6:46

Yeah, so, for a long period of time, we had a taxable brokerage account set aside for what we called early retirement money. So money that we could build up that would allow us to maybe live off of the the interest or you know, be able to use it from call at 50 years old to 60 years old, sort of a bridge to early retirement or bridge to retirement. And I thought that was a really neat idea number, another numbers focused goal that would help me to, you know, check a box to say, Okay, I don't have to work anymore at 50 years old. What happened over the past couple of years, is that I found a job that I really love to go to work to every single day. And now that it's been three years of me doing that the money for early retirement just seemed unnecessary. It seemed like this is a moment that won't be coming in the future. Sure, it could happen I could I could hate what I do. But if I have money set aside for, I guess, you know, a transition into something new call that like fu money as a lot of acronyms here, but like money that will help Trent transition me into the next thing that I want to do that I might enjoy that I don't think I need hundreds of 1000s of dollars in a taxable brokerage account to help bridge myself to early retirement anymore. So with that insight, and actually mostly a kick in the in the pants for my wife that said, dude, use this body and joy yourself. You've worked so hard. You don't need to early retire anymore. You love what you do. I love what I do. We both work part time, what else do you need this money for? So with that kick of the pants from my wife, and just the general progression over the past three years, we decided, hey, we don't need this taxable brokerage account anymore for early retirement. Why don't we use it for something that we really enjoy? And for us, that's a family vehicle right now, that still looks pretty cool. That's electric. So we ended up just draining the $50,000 that we had on our taxable brokerage account, and using it to buy a new car in cash, which was a lot of fun.

Jamila Souffrant 8:51

What kind of car was it?

Andy Hill 8:53

It's a it's a 2023 Ford Mustang Mach-E, and I'm from Detroit and Ford's from here. I know there's a lot of electric car folks out there that really love Tesla. I think Tesla's are fantastic. But I really liked this Mach-E a lot. So it's great.

Jamila Souffrant 9:06

Yeah, well, we'll definitely post a picture and have a picture in the show notes. So you guys can see Andy's cool new car when you said you took out $50,000 So here's the other thing, right? i We can't help especially me like I can't help but weigh the finances the the numbers of things. Right. So the cost of taking that out, you know, so just to be clear, it's a non retirement account. Yes, the taxable account. So there are no penalties when you took that money out. But you had to pay something on those that money took out, right, like what was that

Andy Hill 9:35

there will be some tax ramifications in the upcoming tax year for any gains that I had, but in the means it's not going to be that much. It might be a couple 1000 bucks. So we're planning for that in the tax return year next year. But all in all between the $50,000 we had in our taxable brokerage account and the other $10,000 we had saved for the car fund. It was enough for us to pay for it in cash.

Jamila Souffrant 9:59

Right So it sounds like you did the calculation. So you understand the like what you need to pay back. So I think it's important just in case anyone is considering doing something like this is to think ahead and model out what you may owe, like, if you did have a taxable account that you were going to take from to do something like this or even not that I want someone to do this, I would actually advise not to, but if you were taking money out even of your retirement account for an emergency, it's just to look at what it's gonna cost you to do that, just so you are aware of it and you understand the tax implications and fees and penalties, if there are any.

Andy Hill 10:35

Absolutely, yeah, and especially definitely want to caveat again, it's not retirement account, this is early retirement, taxable brokerage, not 401k, not IRA, not even HSA, this is a taxable brokerage account. Absolutely. Think of think of it almost as like it's set aside money as a savings account, but within within the stock environment. So,

Jamila Souffrant 10:56

right, right now, did you look at the option of what if you took a lump sum of that money, not all of it and put down and then took out a loan to be able to cover the rest of the money? And then that way, your money could have stayed in the market and earned more, right, did you do that calculation,

Andy Hill 11:12

candidly, I did not because I don't really want to have car payments, I used to have a leased car. And that was fine back then. But I feel like payments for me are weighed on my shoulders that I don't want back again. So even paying off our mortgage is another example of something that maybe isn't mathematically optimal, especially with our mortgage was 3%, when we paid it off, but psychologically, and emotionally, it was massively optimal for our lifestyle, because I have financial anxiety when it comes to these types of things. And if I have too much mortgage, if I have too much student loans, if I have too many lease payments, I have too many subscriptions, to online services, whatever all of it just feels overwhelming to me. So I like to simplify things as much as possible. Now, is it the most mathematically optimal? Probably not, but it feels really good.

Jamila Souffrant 12:05

See, and here's the thing, though, Andy, you know, yourself, and you know, what you're able to handle, which I think is really important for you to figure out when you're on this journey, because for some people, they're fine with a payment, but mathematically working out because they can earn that money in the market and investing it and that's fine. They're okay with that risk. It's very evident, you know, that you are not because of how quickly you pay down your mortgage. And, I mean, it allows you to be what I like to call financially fluid like and flexible. So it makes sense that you're this way and you know, you translated over to like a car. Because what you even need to earn I love to we'll talk about this but as as a business owner, as an entrepreneur, you can even be more agile, right with what you bring in because you don't have to cover as many expenses as the person who has the mortgage, the car note the lease all these things, right?

Andy Hill 12:55

Absolutely. Yeah. And becoming a are learning to become a business owner. For the past three years full time has been a journey in itself. I've learned a lot. But I've gotten to a point now where I feel stable and happy with the type of work I can do. And as your as you point out, if things aren't that great, I have the ability to flex how much I pay myself, versus how much I increase my pay. So a lot of flexibility as a business owner, which is nice.

Jamila Souffrant 13:20

So some software fucking questions if you're listening, and you're thinking about doing something like this, also planning out. So I feel like it's important to note that you didn't just like wake up, find the you know, get into personal finance and find the financial independence movement and pay off your mortgage and buy a car in cash and make all these decisions in one year or less like, this has been a journey in the making, right? You're still on that journey.

Andy Hill 13:43

Oh, yeah, absolutely. This started when my wife and I got married 13 years ago. So we had we had student debt, we had card debt, all the way to spending all of our money at that point. But over the 1013 years that have passed, now, we grew our net worth from negative $50,000 to over a million dollars. And then we're able to eliminate our mortgage and then hit these great retirement goals. And that's really helped us to have a little bit more flexibility and reduced financial anxiety in order to make big decisions like this. I think sometimes when we talk about buying a flashy car and cash that can that's maybe all people hear, as opposed to the entire journey of getting there and almost getting the mental permission to allow yourself to buy that car in cash right.

Jamila Souffrant 14:27

Right now, no, I definitely know we talked about this more than your original episode on episode 32. But I do want to just touch upon what made this possible for you. Maybe we should just talk about just like a general profile. So people have an idea. Like, I know you're married with kids, right? Hence the name of your podcast. But how many kids do you have? Where do you live? And then I know that you believe your wife still works. And then you're a full time entrepreneur? Yes. Yeah. So

Andy Hill 14:52

I host a podcast called Marriage kids of money. It's focused on helping young families build wealth and happiness with the pie. Podcast, which Amelia and I got to start at around the same time, that's where we have a good bond. I've built that into a content platform that is family wealth and happiness focused. So with that I'm able to earn enough money to live my life. Right now I pay myself about an $80,000 a year salary as a employee of my company. And I've been doing that for the past three years, full time, six years part time. And then, yes, I live in Michigan, my wife is named Nicole, and she works part time as an esthetician. So that's like facial care, I'm still learning a lot about it about her new adventure. And she loves it, which has been great. So we're both in the sort of part time roles. And then I have an 11 year old daughter and an eight year old son, and I believe I said, we lived in Michigan. So that's where we are.

Jamila Souffrant 15:47

When you talk about Coast fire, let's get back into that. Yeah, because I feel like we have similar or I realized, and you said publicly that you've kind of changed your mind about like pursuing financial independence in the pure form that it's presented. And I want you to talk a little bit more about that, and why you switched paths or you know, you, you adjusted your journey to something that's more sustainable for yourself.

Andy Hill 16:13

That sounds good. Yeah. Originally, in the beginning, I had a career and a career path that was good for me, I was a young 20 something and I liked traveling, I worked in corporate event marketing, so I got to travel around the globe get to go to cool events, which is neat. And I got married. And then I had kids and I had people that I wanted to be around more, I didn't want to work on the weekends and nights and stuff like that. So my job quickly became less of something that was fun and enjoyable and more of a burden and keeping me away from the people that I love. But I was stuck, I was stuck at that point, I needed to make that money to pay for the lifestyle that my wife and I had. So I needed all 100% of that, as we continued to learn about personal finance and ways that we could optimize our finances, we figured out ways to save a lot more as I increased my income. So there was a period of time from maybe 10 years where we save 50% of our income. And to me, that felt fine and normal. Because I want it out. That was I want I wanted to save so much that I could get out. And that's sort of the crux of financial independence, the fire movement is save aggressively now so that you can have decades of complete freedom. And over time again, that was fine for me, because I don't mind depriving myself as much. But my wife was like, Hey, pal, like we had a live today to man, we're in our 30s we got young kids, let's have some fun. It's not all about maximizing tax advantaged retirement accounts, pal, you know, and I'm like, You're right, but I gotta get out of this thing. And I want to save up enough so we can get rental properties. And that way we can have enough to maximize our, you know, passive income. And she's like, buddy, we're at a crossroads here. So actually, this kind of led to a lot of marital fights. And we ended up going to marriage counseling because of it, because it was one of those things we just did not see eye to eye on. And through the marriage counseling, which was about six to nine months of us going there and really taking time to speak to each other on a one on one basis. And really breaking away from little kids that want all of your attention was from my side, I had a job that I didn't like, and I wanted to get out of it. And then on my wife's side, she wanted to enjoy more life today. These are two both very reasonable things that we were working on together. So through marriage counseling through a little bit of, you know, meat, letting go a bit, we realized that why don't I just take this leap into entrepreneurship and try to do something that I might like, and maybe we won't be saving as much money. But the way we're saving money now, we're pretty much going to be able to have these jobs that we want to have and enjoy the life we have without saving 50%. So we didn't really have a need to save and invest for early retirement anymore. Because we had done so well for that 1010 years period of time we paid off our mortgage, we saved up to around that time, about a half a million dollars in our retirement accounts. So when we talk about Coast fire, that's essentially just letting time and compound interest, let your retirement accounts grow. And doing some calculations. We said wow, if we don't put nearly anything in there anymore, it's gonna allow us to retire comfortably in our 60s. So with those epiphanies, and my wife's encouragement, it was just like, Alright, why not? Why not? Why don't we do this? We've done a lot of the great things. We've checked the boxes, and why don't we try to enjoy more left today while doing work that we enjoy today.

Jamila Souffrant 19:23

Right, right. And so the coast fire it's funny, I'm, you know, working on finalizing edits to my book, well, kind of just in that editing phase. And one of the concepts or things I'm talking about is post fire, of course and how to measure that. And the idea is that you can coast you don't have to put your income that you're bringing in into long term retirement investing, or long term financial goals. You can use it on your current lifestyle and or financial goals you have today or the short term goals, which frees up a lot of money so that allows you to actually earn less and and have more flexibility in your life. So you know, it's funny because as you talk about not liking your job, which I feel like most people who join the financial independence, retire early the fire movement, that's usually the motivation. It's like that said, I hate my job, I don't like my job or commute and they want out, which was mine, a motivation. And then I think really, ultimately is about just finding something you enjoy doing in the meantime until you reach your level of financial independence. Now, here's where you and I differ, which I love. I love talking about this. Because we are in similar spaces, you have your own business content platform. And I consider myself journey to launch a content platform and a writer and all these things. And I love how you're so secure and feeling like and knowing what you want to do this until you reach standard retirement age. And here's why knowing yourself is so important. Because while if I could do what I do now, and not, you know, and you know, I don't need to earn millions, but let's just say I earn what I'm earning now until I'm 60. Like, I'm fine to do this, too, because I feel like I have a very balanced life of work. And fun. I feel like most of the time, I'm actually doing all those things and working, which feels great. But in my head, still, I still have this not fear. But I still don't want to have to do it. You know, like, I still don't want to have to, you know, let's just say next year or two years, I'm like, You know what, I love Journey to launch. But I want to take a break from the podcast, I want to be able to do that, right. And so in my head, even though I feel like I found something that I really enjoy and brings value, I still have that goal of reaching financial independence, which puts a little bit more pressure on me, you know, before the standard retirement age, because I'm like, well, then that means I need to figure out a way to save and invest more or what I still want to live my life because like you, I have a partner who's like, I'm trying, you know, what are we like, we're working hard for what, let's buy a car. Exactly. Right. Right. Right. So I love to like talk a little bit about that. Like, is there any fear that you will, in two years wake up and not want to do that? And how do you do this? And how are you thinking about that?

Andy Hill 22:00

Okay, well, maybe I could be successful in this episode. And maybe you and your husband could get a car if I explained it well enough. Here we go. So so what I what I think is that I totally agree with you. I'm afraid that in a couple of years, I might be old news, people don't want to hear what I have to say anymore. Right? You know, this is neat. All this marriage, kids and money stuff. But now your kids are off to college, what do you have to say about marriage, kids and money? Right? So yeah, there's a fear that maybe I won't get hired, or I won't make any money, or I'll get sick of it, right. And that can happen with a lot of jobs. What I would love to encourage you and maybe your listeners to consider is instead of amassing hundreds of 1000s of dollars or millions of dollars in either real estate or, or stocks, that we consider the fu money as the bridge to something new to something better for that sabbatical that you might need to bridge you into the next thing, because I've talked to a lot of retirees that have ceased working, and they are really looking for some sort of purpose and meaning. And I know that for a lot of people who've been working hard for financial independence, you're like, Yeah, proof, I want to I want to try that. And they want to try not working and see how much I hate it right. But I think that if we can give ourselves just a pause some time to reflect on what we want to do next, whether that's now in our 30s or 40s, or in our later on in our 50s and 60s, if we allow ourselves to do that with a big bucket of money, like call it up $50,000 or $100,000 saved up that will give you that bridge to say, what do I want to do next? And breathe for a month, 10 months up, you know, two years, whatever you decide that that break is use that time to decide what you want to do next, instead of saving hundreds of 1000s of dollars or millions of dollars to to early retire. That'd be my counter argument.

Jamila Souffrant 23:55

No, it's it's really great. Because it's a reminder, which I preach and talk about all the time. And I do believe is that while you're on this path, it's about who you're becoming while you're doing it. Like I always say we are our best assets. Yes, anything can be taken away from us or you know, in terms of market crashes. Not to be all negative, but you just never know. Right? Sure. But if we have been building ourselves up learning concepts, paying off debt, investing, doing things, becoming entrepreneurs, or side hustling and trying new things, like the skill sets we obtain, they will always be of a benefit to us to help us in the next phase of our life, even though we don't know what that may be. So in my case, even though sometimes I get a little worried because I am like I take risk. I'm a calculated risk taker, but I do like to have like, I like things that are or are sure, you know, or I know that there is stability, but realizing that not that I'm like 40 Oh my gosh, I can't believe I'm 40 now that I'm 40 in all the years of my life that I've never gone without or I've never lacked even Am I at the stages where I didn't know what I was going to do or things didn't work out in the way I wanted, like, I've always been okay. And I think hindsight helps to give you a foresight. And if we can remember that about our journeys and realizing like how far we've come, what we've accomplished, and that whatever is to come, we can handle that definitely, like makes me feel better, because you know, yeah, what if maybe my mind changes about what I'm doing now. But that's okay. Because at that point in time, I'll figure it out, right?

Andy Hill 25:28

else, and it worked Jamila souffrant, then I'd say, Well, maybe don't go off and buy the car. But you, you have such incredible financial responsibility in your life. And I'm sure a lot of the listeners that are listening to your show have also gained that financial confidence and financial security because of what you've preached over the past five, six years, seven years, you've been doing the show? So I'm all for it, man.

Jamila Souffrant 25:54

Well, you know, we're definitely looking into getting cars, you know. So that is something we're doing. It's just about finding the right one. So I'd love to hear so just, you know, maybe someone else is looking at buying cars. Now, what are some of the things that you've considered? When looking at cars? What are some car buying tips to help us as we were looking for some cars?

Andy Hill 26:12

Sure, yeah, I'll just start talking about my experience. And yes, it goes from a wide spectrum, I'll say the first spectrum is drive the thing, you've got Andy until it just blows up or just grows, it goes into the ground. And I did, I had that for about 14 years, I had my Audi 2010 Audi A, for 13 years. And it was fine. It was fine, you know, but there was little $1,000 fix here. $2,000 Fix there, because it's a German automotive car that needs these luxury parts, and blah, blah, blah, was just like, oh my god, I just don't want to deal with this thing anymore. Okay, so there was the option one was just stick with what you have and pay for those things. Option two was by another slightly used car, maybe three to five years old, that's when the depreciation so you buy that car right off the lot. And then it drops big time the value of it. So if you could buy a car, maybe after somebody's three year lease, or you know, they've had it for five years, you can get a really good deal on a low mileage vehicle, that will, you know, still allow you to be driving something reliable without all these constant fixes. So that was sort of level two. And then level three, that totally irresponsible one that I chose to do was to buy a brand new car off the lot using an app on my phone, and, and picking the exterior and interior that we want on the phone and then just hitting the button. So I feel like there are three levels there that a lot of people could choose based on your comfort level with your personal finances. And then obviously, there's millions of levels in between you can finance the vehicle, I like buying in cash, because it just eliminates one less thing that I have to deal with later on. You know, it's it feels like if I were to go on a vacation today, and then pay payments on it, then I'm still paying for that vacation, maybe two years from now being like, Oh man, I wish I wouldn't have bought this car that's still having trouble. So I like no payments, but that's just my methodology. So if you're driving an old car right now, and you're thinking of maybe upgrading, maybe looking at a mid mid level of like, Hey, can you buy a slightly used car, we did our last one on Carvana and we got to the three year old Acura MDX is fantastic. We still love it, we're still driving it around. But that was sort of that middle ground of, you know, buying something slightly used at a better deal. But still very reliable and comfortable. So that's, that's, that's my current shopping experience with cars lately.

Jamila Souffrant 28:30

I would love to know so you did you go into it that you went into a dealer, right?

Andy Hill 28:34

For this current purchase? I did that I did not. I saw a bunch of them on the road. And I thought they looked cool. And then I bought it on my phone. It was extremely irresponsible. I would not recommend that to anybody. But man, I love it.

Jamila Souffrant 28:49

I love this. Because I was gonna ask you how from my experience of buying back when we bought our cars, like eight years ago, we we it was they were used, but we we paid it in cash. And the deals were so no, I just could tell they were annoyed because they wanted us to like do a loan and we're like, No, we have the cash, like just take the cash. So I was gonna ask you what they thought like they probably wanted when you came in and said you just want to buy cash. Like, if they tried to discourage you from doing that. Yeah. Yeah, there was

Andy Hill 29:17

surprised it was like, Okay, so, you know, do you want to jump on the payment plan? Or here's, here's some details about Paytm. I'm like, no, no, I'm just paying for it in cash. They're like, Oh, okay. And so I had to go get the cashier's check specifically from my bank and bring it over there. There's a lot of pride in that being like, I'm paying for this whole thing. Cash, man. Yeah, there you go.

Jamila Souffrant 29:35

Yeah, that's a flex. It feels good. Doing things like that. Like that, to me, is you know, which is why you got to understand like what brings what makes you feel like you're flexing or feel good about yourself. And situations like that, where I'm like, you're buying something that's a lot of money in cash or being able to pay I remember. So when we talk about doing things that seem reckless, or spending a lot of money. Sometimes I feel like our We recently did over our basement. And I feel like it was definitely as any construction or renovation, like so much more money than we thought. And when I think about it too much, I'm like, wow, we could have like, this money could have like, bought us a new condo somewhere else. But it felt so good when I was making those payments and cash and like, you know, sometimes like payments, like seven 8000, to the contractor to buy materials. I'm like, here's the cash, that felt good.

But it's that idea. And you know, just to go back for someone listening, who may be in this position where they want to do things like that, and they can't yet going back to the fact that there were sacrifices of that I've made, I'm sure any that you made to be able to be in a position to do some of this now. And so if you find that you're not there yet, it doesn't mean that you won't be there ever. It's just there things to do first so that you can be able to do some of this stuff later.

Andy Hill 30:53

Absolutely. Yeah. And I would say I would say it's it feels much better to hand that seven $8,000 over to the contractor with that confidence, knowing that you've done all these financial steps beforehand, instead of saying, Okay, I'm going to be worrying about payments for the next 12/24 months in order to pay off this basement that I've done, I'm working on absolutely having that having done the steps beforehand is crucial to have that financial confidence and lack of financial anxiety as well, which is great. We got to keep that away from our shoulders, because it really weighs you down.

Jamila Souffrant 31:23

If and when we talk about what it takes to get here, you know, I'm all about enjoying the journey as we go. But I just I just feel like sometimes there's we're not some people are not telling the truth about the hard work it takes because we don't want to talk about hard work anymore. And I agree, like I don't think things should be to the point where they're painful. Or it's unsustainable, right? Or you're miserable doing it. I mean, that's what my book is all about is like finding joy and enjoying the journey. But like, let's be real when I think about people like Beyonce. I don't know how much of a Beyonce fan you are Andy. But Beyonce when she first started out, like she hustled like, there was like a tweet or something going around. Like when she was first starting out in music, like she worked. She did every interview she did. She worked nonstop, like doing tours when new things were coming out for I don't know how many years. And now she's at a point where she doesn't do any interviews. She hardly promotes her apple. She just drops it and people buy it right. And a great example. We can all be Beyonce, but there's a level of you can look at, you know, an artist could look at Beyonce now and be like, well, I want to be able to just drop an album. It's like no, but you don't understand the work. She did to get to the point to do that. Right?

Andy Hill 32:31

That is a great example. Yeah, she put in all the work for decades. And so now she can enjoy the spoils of just doing it in a relaxed fashion and still kill it. Yeah,

Jamila Souffrant 32:43

yeah. So Andy, tell us what's next for you? What other goals? Are you kind of just working on financially, what your business and where everyone can find you if they want to learn more?

Andy Hill 32:52

Yeah, at this point in our journey between my wife and I were really turning our focus towards our kids and building generational wealth for them to just make this journey. slightly easier for them, but also to give them the tools so they don't mess it up. You know, give them the tools so that they are they are learning they understand how to do it and how to move forward. So with that, I'm actually launching a course called make my kid a millionaire. It comes out actually next week, it helps parents to help their children grow generational wealth and happiness. And I'm excited about launching that one. And you can find more on my website at marriage kids in money.com. And that is where you can find me.

Jamila Souffrant 33:30

Awesome. And your podcast again. It's called Yeah, podcast is called

Andy Hill 33:33

Marriage kids in money. You can find it on any podcast player. If you're listen to the show, just type in marriage, kids in money into your favorite podcast player.

Jamila Souffrant 33:40

Awesome. Thank you so much, Andy, this was great.

Andy Hill 33:42

Thank you.

Outro 33:46

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